"These guys saw the opportunity and jumped on it," John Barker,senior associate and national director for Marcus & MillichapReal Estate Investment Brokerage Co. in Dallas, tells GlobeSt.com."It was over $50 per sf so it was pretty aggressive." Thejust-pocketed deed is a 98%-leased asset at 3304 Willow Creek Dr.,right at the geographical epicenter of the current sales cycle andright in line with the dynamics of today's hot tickets.

Barker says the investment group's letter of intent with upfrontearnest money and short inspection period were the decisionmakersfor the seller, Mission Center Road LLC of Los Angeles.Dallas-based BMC Capital LP vice president Steve Sieling arranged80% loan-to-value financing with Imperial Bank in Los Angeles,getting five-year, fixed-rate terms on a 30-year amortizationschedule. "Full leverage with a step-down prepay schedule was veryimportant to these investors," he says, citing the property'sconcessions were a stickling point for lenders.

The seller had bought Willows Apartments out of foreclosure in2004, renovated it last year, re-tenanted and brought it back tomarket. The plan is to trade up to a class B asset, according toBarker.